It’s certainly a cause for concern in the short term, yet reason for gratitude in the long term.

Historically, Break Of Structure (BOS), in a form of Saucer/Cup And Handle Pattern comes with accumulating momentum for impending bullish upswings.
The question is, How far can this retest/accumulation go?
Retests can vary in duration—short or long. Here are some chart galleries illustrating the saucer and handle pattern:

Aligning these galleries with the first and current Bitcoin chart provides deeper insight into our current situation.

Since mid-2023, observing a support and resistance range on the Bitcoin chart (as shown) identifies an unproven $57,604 support range. However, nothing is foolproof in the world of cryptocurrency. External factors, such as ETF flows, can significantly alter price action.
Recent negative flows from ETFs, such as the $GBTC’s $643 million outflow, could further fuel the ongoing Bitcoin retest.
ETFs Chart Flow.

Once this retest concludes, coupled with the Bitcoin Halving looming, $BTC could potentially surpass $100,000.
Patience will lead to days of gratitude for Bitcoin holders.
Best wishes to all traders.
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